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GCA Forums News for Friday September 26 2025
Here is a “live-style” summary of major news and developments of GCA Forums News for Friday, September 26, 2025. Performance ‘live’ figures like gold, silver, treasury yields, and even mortgage rates, have been sampled, and are, as evidenced by, the last cited publicly quoted source. Politically and legally, numerous statements are still available for open contestation or examination. I provide developments, documentation, and context. Unless otherwise noted, the allegations mentioned below have not been proven.
Markets, Rates & Economic Indicators
- U.S. equity indices: The market saw opening numbers as mixed to positive.
- Most investors in the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite were happy mid-day as the inflation data provided some respite.
- Inflation / PCE data: The August core PCE price index was +2.9 % year over year and matched expectations.
- Headline PCE inflation came in at +2.7%.
- Bond/yield market: The reaction in the Treasury market was relatively muted.
- Swap markets are currently pricing 40 basis points of potential Fed cuts by the end of 2025.
- Fed expectations: The market is leaning toward some easing but is cautious about the Fed’s next steps, as inflation and employment conditions remain uncertain.
- Precious metals: Gold and silver per ounce quotes are something I could not find. (Financial terminals or dedicated metals exchanges would provide the live bid/ask.)
- Mortgage rates/housing finance: The market has made new comments regarding the predicted decrease in mortgage rates.
- Rapid or dramatic disinflation and Fed policy changes would be needed to achieve this.
- Other data: For my sources today, apart from the PCE/inflation figure above, I found no verified sources for the real-time release of the U.S. GDP, CPI, or additional employment numbers.
“Cold Calls” Over “Mortgage Fraud” and Other Political Aspects Allegations
Broad Context
The main storyline is the allegation against the Trump deal and mostly FHFA Director Bill Pulte that he has “weaponized” mortgage fraud referrals against political opponents such as New York Attorney General Letitia James, California Senator Adam Schiff, and Federal Reserve Governor Lisa Cook.
- Six Democrats in the Senate recently charged Pulte with “abuse of his position” in “pursuing politically motivated” and “invasive” investigations and called for the FHFA’s records, which detail how the victims of the investigations are selected.
- Congressman Dave Min (CA) has sent a letter formally requesting an inquiry into Pulte’s potential violation of laws stemming from using confidential mortgage records to refer Cook, James, and Schiff to the DOJ.
- American Oversight, a non-profit monitoring organization, has broadened the scope of its inquiry to examine the possible politicization of the DOJ regarding mortgage fraud claims that are devoid of a factual basis and aimed at political opponents.
- Several reports have indicated that Trump officials are attempting to purge U.S. attorneys from their ranks who have been unwilling to pursue unconstitutionally broad charges.
- The WH and the DOJ have Enhanced Interrogation Comments, which they refuse to comment on.
The political stories related to “abuse of power” and “misuse of the right” are the most crucial today in the US.
Letitia James (NY Attorney General)
- Letitia James has publicly denied wrongdoing, claiming the allegations are politically motivated retaliation.
- The mortgage fraud referrals concerning document misrepresentation stem from actions undertaken by FHFA under Pulte.
- The Virginia-related properties assigned to James’s head a local U.S. Attorney, Erik Siebert, who has collapsed under pressure and resigned.
- He was allegedly unwilling to file charges because the proof was insufficient.
- The DOJ has not yet formally charged her in the mortgage fraud case, but Trump has publicly called for her to be indicted.
- American Oversight notes the unusual lack of silence from the legal and academic community, which, to her, appears to have the decision-making power of a prosecutor without the politics of her case.
It is not a secret that James’ allegations are highly publicized. However, it is equally clear that no robust public indication of a made case can be found in her alleged criminal activity.
Adam Schiff (U.S. Senator, California)
- As early as summer this year, the FHFA dealt with claims Schiff claimed to primarily reside somewhere (and other claims about mortgages), saying Schiff resorted to other means to obtain them. Schiff’s legal team, most prominently Preet Bharara, countered, saying “there is no factual basis” for the referral and demanding Pultie’s investigation.
- Schiff has always claimed to have done no wrong, claiming that the accusations stem from politically motivated attacks.
- He has publicly criticized the use of mortgage fraud claims as a weapon of revenge.
- Now, Schiff has not been charged with any alleged crimes tied to the accusations made against him.
Lisa Cook (Fed. Governor)
- Cook appeared to have been the target of scrutiny with the FHFA’s referrals of alleged mortgage irregularities to the DOJ, having been said to have been similarly set up as the one for James and Schiff.
- There is political buzz that this referral is another step in the campaign designed to “have” the Federal Reserve wield through fear, or the more direct removal route.
- There were no claims that I personally had Cook formally charged or removed, which are not credible. However, she is still under scrutiny from the media regarding the referrals made these days.
Gavin Newsom (California Governor)
- As far as I can ascertain, vetted credible reporting goes no further than the mortgage fraud investigations or legal referrals akin to those for James or Schiff.
- Absence of documentary provenance of criminal financing or procedural violation of abuse allegations is speculative, suggesting that, at the top pinnacle of politics, some people tend to possess a diversified portfolio of investments, real estate, and spouse/inheritance complex.
- If you want, I can do more real estate news and conduct investigations to check.
National Defense, Spying, and National Security Legal Struggles
Donald Trump, his social media postings, and podcasts targeting James Comey, Letitia James, Adam Schiff, and others.
- Trump started posting and giving speeches asking the authorities to prosecute James Comey, Letitia James, Adam Schiff, and many others, including Hillary Clinton, John Brennan, big James Clapper, Nancy Pelosi, John Bolton, Obama, etc.
- Trump’s critic, Comey, was recently arrested in Virginia because of his involvement in Russia and was indicted for lying and obstruction of the Russia inquiry.
- Axios recently reported that Trump is asking Bondi to defend.
- In that, she would need to attack both sides, attacking Schiff and James.
- Axios also shared that the public DOJ could not confirm many prominent demands then.
Tulsi Gabbard, DNI, and the Russian Collusion and Wider Conspiracy Theories
- Part of the Gabbard conspiracy also extends to her as DNI, where, in the minds of some, she is said to have uncovered a huge conspiracy involving McCarthy and Obama’s cronies and Russia and dubbed it as treason or attempting to subvert elections.
- I have done minimal source checking.
- There is no substantiated, reputable proof of something that grand, a “Mastermind of Trail”, no Gabbard as DNI, or any formal presentation.
- To this day, Gabbard has not disclosed any evidence supporting her claims, and there have been no credible reports concerning a network relating to her claims that falls under constitutional scrutiny.
- Still, Trump and some of his political allies continue to push these ideas, and partisan media are ramping up calls for aggressive prosecutorial policies against a range of intel and political figures.
Epstein List Statements Bondi, Patel, & Bongino
- Do Bondi, Kash Patel, and Dan Bongino no longer state that there is a “list” for Jeffrey Epstein? I did not find a credible, timely, mainstream news confirmation of such a statement in the sources I reviewed today.
- Epstein records are still sealed and highly sensitive, with ongoing Litigation and claims being made on both sides.
- Approach any such claims with care.
- The broader context is this: Epstein’s case, along with his associates and possible witnesses—such as Ghislaine Maxwell—are still under active scrutiny from both the courts and the media, but many claims regarding associates, lists, and conspiracy are still hotly disputed and unverified.
Ghislaine Maxwell & Her Interest In Testifying
- Some media reports indicate Ghislaine Maxwell might be willing to testify to access Epstein’s network.
- I can’t confirm this under a signed affidavit, nor have a fully verifiable public document concerning this allegation.
- Reconciling the new testimony with her previous legal procedures, pleas, and prison terms is challenging.
- However, it contributes to the intrigue associated with Epstein.
State & Local: Johnson, Pritzker, Chicago / Illinois
- I cannot confirm credible, reliable news that Chicago mayor Brandon Johnson and Illinois Governor J.B. Pritzker are under new developments as of today’s headlines.
- Regarding how you describe Pritzker, I do not think any responsible journalistic sources can confirm or track those Pritzker traits in relation to a public figure, an admired bog, or a particularly shameful controversy.
- I have not been able to confirm, as diligent as I have been, that Pritzker has moved significantly beyond the routine interlocking state governorships that touch with the budget and urban policy that midwesterners all groan under (transportation, education, tax, infrastructure of late, with the dominating press imaginings that you so vividly portray.
Other Developments and Relevant Headlines
- Goldman Sachs: The calm currently enveloping the market may experience some turbulence in October, which some policymakers have called a risk period due to seasonal patterns.
- Senate Democrats’ letter: A group of six Senate Democrats has called on Pulte to provide information on the criteria used to target mortgage fraud victims, noting the imbalance that the victims have almost exclusively been political foes of Trump.
- Eli Lilly, tariffs, and market movement: Due to market interest and changes to stock values (for example, Eli Lilly), President Trump has recently instituted tariffs on medications and heavy motor vehicles.
- Concerns regarding the political use of the state’s tools: Critics of the referral process without proof, the removal of U.S. attorneys, and public prosecution have come to believe that doing so clearly violates the rule of law and the separation of powers.
Outlook & Key Eye on Tomorrow
- Fed / Monetary Policy: The market will look for signals about whether the Fed will cut rates or continue to pursue a more hawkish stance.
- This will depend on inflation, employment, and behavior in the bond market.
- Prosecutorial decisions: The DOJ’s decision regarding formal charges for any of the figures referred to (James, Schiff, Comey) will be pivotal.
- The Congressional or oversight interrogations into Pulte’s mortgage data application will almost certainly grow.
- The risk of policy volatility is one side of the valuation.
- Many strategists see the month of October as a period of danger.
- More than ever, Pulte’s activities are central to intense scrutiny.
- The Litigation and the other side of the argument seem like a bismuthless mountain.
- Defendants in the referrals are certain to respond.
- These answers with filed motions, countersuits, and reputational defenses.
- Further tightening the grip of these disputes, the courts and legislatures grow together.
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Megyn Kelly is joined by MK True Crime contributor Dave Aronberg, Mike Davis of The Article III Project, and John Solomon of “Just the News,” to discuss the indictment of former FBI Director James Comey on two felony counts, the allegation that he leaked information and obstructed a congressional investigation, the questions about specifically he’s being accused of, and more.
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